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Canada’s Trade Surplus with US Expanded in December, but Declined Overall in 2024: StatCan


According to Statistics Canada, Canada’s trade surplus with the U.S. widened in December due to higher energy prices, leading to an increase in overall exports.

The global trade surplus in goods for the month reached $708 million, a significant improvement from the previous month’s deficit of $986 million, marking the first merchandise trade surplus since February 2024.

This growth was driven by an 11% increase in crude oil exports, fueled by higher oil prices.

In December, the trade surplus with the U.S. expanded to $11.3 billion, up from $8.2 billion in November, with exports to the U.S. rising by five percent, partially due to higher energy exports.

The attention on the U.S. trade surplus has intensified as President Donald Trump has used it as part of his rationale for imposing potential tariffs on Canada.

Canadian officials have pointed out that the U.S. deficit is largely due to energy imports, while Canada faces a deficit in manufacturing and services.

The strong U.S. economy has led to increased import demand, while Canada’s weakening economy has resulted in the opposite trend. Imports from the U.S. decreased by 1.5% in December.

In 2024, Canada’s merchandise trade surplus with the U.S. decreased to $102.3 billion compared to $108.3 billion in 2023. When including services, the surplus narrows to $94.4 billion.

Statistics Canada reported a 4.9% increase in overall exports to $69.5 billion in December, with energy products experiencing a 9.5% surge, the largest increase among categories.

Moreover, exports of metal and non-metallic mineral products saw a 9.2% increase, reaching a record high of $10 billion, driven by significant growth in unwrought nickel and nickel alloys (63.3%) and waste and scrap of metal (35.6%) exports.

On the other hand, total imports rose by 2.3% to $68.8 billion in December, fueled by an 8.7% increase in metal and non-metallic mineral products, a 5% boost in industrial machinery, equipment, and parts, and a 4.7% gain in consumer goods.



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